Small vesicles were visualized in the lumen of rat pancreas acini by freeze-substitution and conventional electron microscopy. Microvesicles were subsequently isolated from pancreatic juice. Sodium dodecyl sulfate-polyacrylamide gel electrophoresis revealed that these vesicles contain only one major protein. The major protein was identified by an immunoblot technique as GP-2, an 80 kD glycoprotein also found in the zymogen granule membrane. The immunocytochemical localization of rabbit anti-GP-2 and anti-amylase by the protein A-gold technique confirmed that GP-2 was associated with clusters of microvesicles, whereas amylase was virtually excluded. Freeze-fracture of the microvesicles revealed that their membrane was devoid of intramembrane particles. Biochemical analysis indicated also that the membrane did not contain any detectable cholesterol. These results demonstrate that GP-2 is released from the acinar cell in the gland lumen within microvesicles by a hitherto undescribed mode of secretion.